SAIF-backed Speciality Restaurants files for IPO

Speciality Restaurants is specifically looking to list 25% of its shares, the listing's prospectus noted, which would value the company at approximately INR680 crore ($150.6 million). In the filing was an indication that capital raised would be used to fund new restaurants, including a food plaza, as well as repay INR1.04 crore ($230,193) in debts.

According to India's Financial Chronicle, after SAIF converts its ownership into preferential shares, the PE firm will own 14.19% of Speciality Restaurants. SAIF has managed the asset through its SAIF III Mauritius, and it will continue to hold its stake in Speciality Restaurants following the listing. Kotak Mahindra Capital Company is reportedly the bookrunner for the process.

In January, SAIF reportedly considered upping its three-year-old stake in the restaurant operator to help expand its India footprint. Speciality Resturants launched 16 years ago and operates chains Mainland China, Oh! Calcutta, Sigree, Haka, Machaan, Mostly Kababs, Just Biryani and Sweet Bengal, claiming to manage 62 food and beverage outlets across India.

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• Topics
• South Asia
• Consumer
• SAIF Partners